The Federal Reserve’s open market board met once again to reiterate it’s continuation of $40 billion/per month in purchases of mortgage-backed securities. They also promised to keep interest rates near zero (below zero when inflation is factored) until mid 2015. The striking thing is that they claim the economy is growing at a “moderate pace.” Well, if the entire rationale for QE3 was because of the lethargic growth, then shouldn’t they cut back on the monetary morphine?
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